v3.26.1
Risks and Fair Value (Tables)
6 Months Ended
Jun. 30, 2026
Risks and Fair Value  
Schedule of concentration of credit risk and of significant suppliers and customers

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Customer 1

43

%

40

%

41

%

41

%

Customer 2

25

26

26

26

Customer 3

6

10

7

9

As of

June 30, 

December 31, 

2026

2025

Customer 1

41

%

47

%

Customer 2

29

25

Customer 3

7

10

Schedule of change in fair value of derivative liabilities

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Change in the fair value of Royalty Fee Derivative Liability

1,161

(172)

2,993

(778)

Barings Royalty Fee

(472)

(469)

(849)

(841)

Total

$

689

$

(641)

$

2,144

$

(1,619)

Schedule of assets and liabilities measured at fair Value on recurring basis

Fair Value Measurements as of

June 30, 2026 Using:

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalents:

 

  ​

 

  ​

 

  ​

 

  ​

Money market funds

$

585,463

$

$

$

585,463

Liability:

Derivative liability

$

$

$

10,910

$

10,910

Fair Value Measurements as of

December 31, 2025 Using:

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalents:

 

  ​

 

  ​

 

  ​

 

  ​

Money market funds

$

722,002

$

$

$

722,002

Liability:

 

  ​

 

  ​

 

  ​

 

  ​

Derivative liability

$

$

$

13,903

$

13,903

Royalty Fee Derivative Liability  
Risks and Fair Value  
Schedule of main inputs to valuing the Derivative Liability

As of

June 30, 

December 31, 

2026

2025

Revenue volatility

63.6

%

62.0

%

Revenue discount rate

14.5

%

14.0

%